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HOUSTON and Austin, Texas, August 11, 2021 / PRNewswire / – On the heels of rapid growth, construction technology company Buildforce (headquartered in Houston, Texas and Austin, TX) announced today that it is closed a $ 4 million Round under the direction of TDF Ventures, together with the existing investor mercury and Austin-based S3 ventures. The additional investment will help Buildforce maintain its 10% weekly revenue growth rate through continuous product innovation and expanded go-to-market efforts.
Leveraging a mobile app-based experience, Buildforce streamlines the process of identifying, reviewing, placing and managing qualified construction professionals on behalf of contractors. Buildforce helps keep projects on time and on budget while realizing significant administrative cost savings for contractors. For builders, Buildforce increases lifelong income, improves job security, and provides ongoing quality work in an industry characterized by layoffs at the end of a project. The end result is a win-win for both sides of the market.
“Buildforce is helping to address labor shortages by matching job seekers ‘skills with employers’ skills,” said Beau Pollock, CEO of TRIO Electric, one of the largest commercial electrical companies in Texas and a customer of the company. “Moody and his team have come up with a new and much-needed solution for the construction industry.” Pollock is also an investor and a member of the company’s board of directors.
According to the Associated General Contractors of America, the US construction industry has more than 733,000 employers, over 7 million employees, and nearly $ 1.4 trillion in annual construction volume. Specialist contractors who are responsible for executing the work spend an average of 40% of annual sales on their workforce, but experience an average of 80% annualized employee turnover due to a variety of factors inherent in the construction industry. And with the high demand for homes, buildings, and other real assets, jobs in the construction industries that Buildforce services are expected to grow 8%, or twice the national average, annually over the next decade.
“There are millions of skilled tradesman vacancies in the US, but consistent work remains inaccessible to many construction professionals,” said Will Rayner, Director, TDF Ventures. “Buildforce’s exponential growth in 2021 is testament to the company’s ability to connect supply and demand on a large scale in this challenging labor market.”
“Contractors rely on skilled, reliable craftspeople to keep project timelines on track,” said Moody Heard, co-founder and CEO of Buildforce. “Our key lesson is that by optimizing the user experience for contractors looking for higher pay and job security, we are able to meet the needs of contractors. We are pleased to have become the preferred partner for the top contractors in our current markets looking to get in touch with this workforce. “
About Buildforce
Buildforce builds the first career lifecycle platform for people in construction. The end-to-end career platform enables people in the construction industry to use their skills to maintain consistent work for fair pay and with the benefits of a W-2 employee. Since its launch in 2020, Buildforce has become the partner of choice, helping dozen of the largest contractors in its focus regions connect with these people.
About TDF Ventures
TDF Ventures is an early stage venture capital firm with offices in Washington, DC and Silicon Valley. We focus on startups that serve corporate markets in the areas of infrastructure, software and services (IaaS, SaaS, XaaS). We are currently investing from a $ 150 million Fund V. Current focuses are AI / ML, business process automation, cybersecurity, e-commerce, infrastructure software, fintech and logistics technology.
above mercury
With more than $ 500 million under management and over $ 6.5 billion Added value since foundation, mercury focuses on entrepreneurs and software innovations originating in Central America. Our investment themes target SaaS, cloud and data / AI platforms that make Central America’s markets and industries more competitive and efficient.
About S3 Ventures
S3 Ventures is the largest venture capital firm focused on Texas. Backed by a philanthropic, multi-billion dollar family for more than 15 years, we have provided great entrepreneurs with the patient capital and real resources necessary to build extraordinary, influential companies in business technology, consumer digital experiences, and healthcare Technology to develop.
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SOURCE Buildforce
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